LINK Price Surge Ahead? Chainlink Sharks Bet Big On Accumulation

Chainlink (LINK) has managed to break through the critical resistance level at $6. This unexpected surge in price can be attributed, in part, to the relentless accumulation of LINK tokens by large wallet investors, known as sharks. 

The trend among these influential players has been particularly pronounced, and it could hold the key to Chainlink’s bullish resurgence. 

On-chain date cited in a report has provided valuable insights into this remarkable shift in Chainlink’s fortunes. According to their data, the shark tier of investors has swiftly acquired a staggering $9.6 million worth of LINK tokens within just three days. This surge in demand from these heavyweights is expected to act as a significant catalyst for further upward movement in LINK’s price.

Emergence Of New Shark Wallets: A Bullish Sign For Chainlink?

Recent data also reveals that 98 new shark wallets have emerged within the Chainlink ecosystem since the start of the week, marking a 3.2% increase. As of Thursday, a total of 3,127 shark wallets were holding between 10,000 and 100,000 LINK tokens. This demonstrates a growing appetite among larger investors for Chainlink, further fueling the cryptocurrency’s recent rally.

The current LINK price, as per CoinGecko, stands at $6.34, with a slight 0.7% decline in the past 24 hours. However, over the last seven days, LINK has seen a notable 6.4% rally, defying the broader bearish sentiment that has gripped the altcoin market.

The accumulation of Chainlink tokens by shark investors has historically served as a powerful indicator for predicting LINK’s price movements. Previous instances have shown that when these influential players increase their holdings, it often precedes a substantial uptick in the token’s value. As such, the ongoing accumulation by sharks is a metric worth closely monitoring to gauge the future trajectory of Chainlink’s price.

Potential For LINK To Break Out Against Bitcoin

Prominent crypto trader Michaël van de Poppe, sharing his insights on the social media platform X, suggests that Chainlink might be on the brink of a breakout against Bitcoin (BTC).